Mortgages in Arrears in Canada – What the Numbers Mean
The rate of mortgages in arrears in Canada is still very low when compared to both historical averages and international benchmarks. Although there is a possibility that the arrears rate could rise if Canada’s job market weakens, banks continue their commitment to assisting customers facing financial difficulties, as they have done previously.
Banks remain committed to supporting their customers through periods of financial stress, as they have in the past.
Overall, mortgage arrears in Canada are currently at a stable and manageable level, reflecting resilience in the housing and financial sectors.
Author's summary: Mortgage arrears in Canada remain low, with banks ready to support borrowers even if economic challenges affect employment.